Zach Bruch, the Founder and CEO of the popular online crypto casino, MyPrize, recently sat down for an interview with Matt Zahab on the Cryptonews Podcast. During the interview, Bruch discussed the emergence of MyPrize from stealth mode and its rapid acquisition of nearly 100,000 users. He also explained why online casinos are an ideal platform for introducing more people to the world of cryptocurrency. Additionally, Bruch highlighted how MyPrize enables content creators to transform their passion into profitable businesses by monetizing their content and engaging with their audience through gambling.
Bruch’s journey in the crypto space began in 2010 when he first entered the industry. He had previously worked in the startup world before transitioning to crypto-related companies such as Kraken, Cumberland Labs, and JST Capital. Bruch described this period as an exciting time, as he had the opportunity to witness the entire 2017 bull run, which he described as a wild experience. He also co-founded the NFT platform, Recur, before ultimately shutting it down in August of last year, just a month prior to the launch of MyPrize.
MyPrize officially launched in late March after being in stealth mode. Bruch expressed his excitement about the first two weeks following the launch, as the platform successfully onboarded tens of thousands of users and quickly surpassed the 50,000 user mark. As of April 25, MyPrize has now exceeded 70,000 users. While the actual casino product is yet to be launched, an early access product is currently available for users to start earning points. The full product is expected to be released in the coming weeks.
What sets MyPrize apart is its record-breaking pre-launch valuation of $140 million, making it the highest-valued online casino in history. The project has raised $13 million in funding from prominent players such as Dragonfly, Boxcars Ventures, a16z Scout, and Mechanism Capital, among others. Bruch emphasized the importance of ensuring that the investors align with MyPrize’s long-term vision for the gaming, gambling, and crypto spaces. He believes that MyPrize has the potential to be a long-lasting business and aims to bring significant growth to the broader gambling industry.
Bruch’s passion for crypto dates back to 2010 when he initially became obsessed with Bitcoin. Over time, his interest expanded to encompass the entire crypto ecosystem and its underlying ethos. He has made it his personal goal to onboard as many people as possible into the world of cryptocurrency. Bruch believes that online casinos are an effective gateway for achieving this goal. Although less than 10% of the global casino and gambling market is online, most online casinos accept crypto as a means of entry. MyPrize follows this trend and initially started with crypto but plans to introduce fiat options in the future.
Bruch also highlighted the appeal of gambling as a universally enjoyable activity. He stated that gambling has always been an integral part of human culture and has demonstrated strong product-market fit throughout history. By combining the massive gambling industry with the inherent interest people have in gambling, Bruch sees a tremendous opportunity to introduce new users to the crypto ecosystem. MyPrize aims to build a killer application that attracts millions of users and gradually exposes them to crypto. Eventually, Bruch envisions MyPrize evolving into a fully decentralized GambliFi ecosystem. This approach would allow regular individuals to enter the crypto space for the first time, with the initial step being a killer application that engages users.
In addition to its focus on gambling, MyPrize also aims to empower content creators and turn them into small businesses. Bruch acknowledged that many creators struggle to monetize their content effectively. To address this issue, MyPrize is developing tools and structures that allow creators to engage with their audience, monetize their content, and transform their passion into profitable ventures. For instance, creators can stream their gambling experiences and interact with their audience while betting together, creating a unique and engaging social experience. Bruch believes that this approach will revolutionize the interaction between creators and their community.
Overall, Bruch’s interview shed light on the evolution of crypto casinos, the potential for online gambling to bring new users into the crypto space, and MyPrize’s mission to empower content creators. Bruch’s vision for MyPrize extends beyond its current centralized model, as he envisions a future where it becomes a fully decentralized GambliFi ecosystem. With its innovative approach and strong backing from investors, MyPrize is poised to make a lasting impact in the crypto and gambling industries.